PERSONNEL TO BECOME PART-OWNERS OF AVENA
LÄNNEN TEHTAAT PLC PRESS RELEASE 15 February 2008 8.30 a.m.
PERSONNEL TO BECOME PART-OWNERS OF AVENA
As part of its commitment plan for professional personnel in the Grain Trading
business, Lännen Tehtaat plc has decided to offer the personnel at Avena Nordic
Grain Oy the opportunity to obtain a stake in the ownership of Avena Nordic
Grain.
The transaction will bee carried out through an arrangement whereby Lännen
Tehtaat plc will sell 20% of its ownership in Avena Nordic Grain Oy to a new
limited company established for this purpose. A total of 75% of the shares in
this new company will be offered for subscription by Avena's personnel. The
remaining shares will be subscribed by Lännen Tehtaat plc, and, subject to
Lännen Tehtaat's decision, these may be used when new personnel are recruited to
Avena. This arrangement is planned for implementation before the end of
February.
The transaction will have no impact on the financial result of the Lännen
Tehtaat Group.
Further assignment of the new company's shares will be subject to certain
limitations, principally the restriction that the shares can only be sold to
Lännen Tehtaat plc. In addition, Lännen Tehtaat plc will have a buy-back
obligation on the shares.
Avena Nordic Grain's business is the trading of grains, oilseeds, pulses and
feed raw materials both in Finland and abroad. It has subsidiaries in Russia and
Lithuania and a representative office in Kazakhstan. In 2007, Avena Nordic
Grain's net sales in total were EUR 133 million, and it employed 29 people.
LÄNNEN TEHTAAT PLC
Matti Karppinen
CEO
Further information: CEO Matti Karppinen, tel. 010 402 4001
Copies to:
OMX Nordic Exchange Helsinki Oy
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www.lannen.fi